As part of NYU Stern’s Leadership Luncheon Series coordinated by the Stern’s Leadership Development Team, Stephen I. Sadove, Chairman & CEO of Saks, spoke with MBA students about his career and today’s luxury retail market.

“What should you do as a leader?” asked Sadove to a packed room of MBAs, and explained leadership as two-fold in that a leader needs to create a successful company strategy as well as a successful company culture.

Sadove then answered student questions about challenges faced and lessons learned during his career, including his time at Saks. Specifically, he advised:

Clear communication is key to a company’s culture and its success.

A company can benefit from leadership development; encourage leaders to learn from each other.

Always remember to keep relationships with the people you come across throughout your career.